Mallinckrodt bonds mixed; Endo up; Envision, Diamond Sports, GEO decline; Kaisa flat

By Cristal Cody

Tupelo, Miss., Dec. 8 – Health care-related names remained mixed in the distressed bond secondary market on Wednesday.

Mallinckrodt plc’s 5½% notes due 2025 fell more than 2¼ points to under the 57¾ bid range, a source said. Secondary supply was light with $1 million of issues traded.

Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) were about ¾ point better at the 77¾ bid area by the day’s close.

Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) fell over 2¾ points in thin activity to the 56½ bid range.

In other distressed issues, Diamond Sports Group LLC’s 6 5/8% senior notes due 2027 (Ca/CC) dropped 1½ points to 24¼ bid on $5 million of issues traded, according to a market source.

GEO Group Inc.’s 6% guaranteed senior notes due 2026 (B2/CCC) declined about 1¼ points to the 83½ bid area on Wednesday.

Default fears in China’s property developer space remained in focus as trading in Kaisa Group Holdings Ltd.’s shares on the Hong Kong Stock Exchange was halted on Wednesday.

Kaisa’s 9 3/8% senior notes due 2024 (C//CCC-) were flat at 35 bid after improving 1 point on Tuesday, a source said.

Sunac China Holdings Ltd.’s 5.95% notes due 2024 (B1/BB-) sank 5 points to 71¾ bid on $3 million of secondary supply over the session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.